For the last few decades, companies have considered the management of brand innovation to be of utmost importance. Through strategic planning, brand innovation helps businesses not only to implement new features, but also to stand out among the competition and make a unique bid for consumer attention. The truth is that brands need to constantly innovate and evolve in order to survive through the relentless series of new requirements churned out by an ever-changing market.
It goes without saying that with each new generation, new needs will emerge. Brands have an opportunity to meet these new expectations through innovation, an essential component of corporate strategy. At PointBleu Design we are here to tell you why Innovation is essential for brand success:
Staying Ahead of Competitors
If we look back over the last few years, we can see that the speed of change seems to be accelerating. If you innovate from the outset, you can set yourself apart and ultimately have this become a key driver in the purchase of your product. Having said that, you must understand your brand identity prior to implementing any innovative strategy. It is important to remember that innovations must have a purpose, and there ought to be a reason to implement them.
We strongly recommend against innovating for the sake of it. Previous reports and studies must be carried out to ensure that there is room for those innovations to take place.
Stay relevant to your current customers
Companies want to stay relevant at all costs. However, becoming relevant is the result of hard work. Overall, innovation must be carefully cultivated within the establishment of a strategic plan. This will allow your brand to use innovation as a tool in long-term planning.
Contrary to popular belief, jumping into trends or values that are not integrated in your brand essence is risky and may lead to scandals. Some brands have associated themselves with social trends so as to stay relevant, which comes off as dishonest or opportunistic.
Expand your brand into new categories
You can innovate by having your brand expand into new categories. A brand extension can be a smart way to use an established brand name to introduce a new product to consumers. The key is to cultivate a deep understanding of your target audience. Through the analysis of customer data, you can discover new needs. This will allow you to articulate the findings into your brand concept, creating new product solutions, as we did with our packaging design for Kiri, the iconic square-shaped cheese brand. The brand wanted to expand from their actual product category, the cheese market, to the marketplace of fresh and creamy yogurt.
Adapt new trends for consumer needs
Needless to say, consumer needs are dynamic and ever-changing. Check your competitors and listen to what consumers have to say. They will let you know what they would like to be improved about a product, allowing you to stay ahead of your competitors and avoid market saturation. Take, for example, the current situation in the food industry. The implementation of vegan or plant-based products is in full swing. Therefore, traditional animal-based brands are offering plant-based products that mimic the original, adapting to the needs of new consumers.
All in all, brands need to develop creative ideas to engage and inspire consumers. This process must be developed under a strategy in order to successfully maintain the identity and the essence of the brand.
Are you willing to innovate?
At PointBleu Design, we are looking forward to hearing from you.